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GUEST COLUMN: Victory by Arthur T. our only hope

Sentinel & Enterprise

Updated:
08/15/2014 06:32:09 AM EDT

By Betty Gelinas

Guest Columnist

If you're a fan of Charlie Rose you may have seen his interview with Jack Ma, founder and chairman of Alibaba. They were talking about his phenomenal success with his company, which in 2014 had revenue of $6.5 billion and profit of $1.8 billion in the nine months ending Dec. 31. The vast majority of this revenue-- $4.7 billion -- originated in China. His company, which is into online payments, banking and cloud storage looks to China's 1.3 billion people to make up the demand.

But what was so interesting about Jack Ma was not his financial success, but his business model. The conversation was about the ruthless hunt for profit in our globalized economy. In just one year $600 billion had been pulled out of Asia's stock markets by hedge-fund investors. A harmful rumor succeeded in casting doubt on China's economy, so split-second decisions by hedge funds caused a financial crisis in that country's economy. When investors pull out of a country, its currency drops to new lows. Just the threat of this can force a country into submission.

In their book, "Days of Destruction, Days of Revolt," Chris Hedges and Joe Sacco write: "The ruthless hunt for profit creates a world where everything and everyone is expendable ... it has enriched a tiny global-elite that has no loyalty to the nation state. These corporations, if we use the language of patriotism, are traitors.

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Yet amazingly, Jack Ma's Alibaba survived that Asian financial crisis because for him the priority was never just about making money for his shareholders. Rather, his customers and employees always came first. His vision is about figuring out how to make value for others by creating jobs and protecting the environment. Asked what excites him, Ma, understanding well how greed can destroy an economy, answered that solving social problems is his great concern and that he believes young people will change the world. Listening to him, I couldn't help but compare his vision of a business model with the business models that played out here in our own country. By prioritizing profits over people, these business models have benefited a tiny elite but left the rest of our country struggling to survive.

So now, when I read about the struggle going on at Market Basket, I can't help but root for the workers who have risked their livelihoods in loyalty to their CEO. Apparently, Arthur T. Demoulas, who they say has always put them, their families, and his customers first, shares the same vision of a business model as Jack Ma. It is no wonder Market Basket, like Alibaba, has been such a success story.

You can't help but admire how baggers have risen up to top management and how every worker is there because they feel secure and love what they do! As for Market Basket customers, the shopping experience is always like connecting with friends and family.

It remains to be seen how this will turn out -- if all those friendly employees will be serving their customers once again with Arthur T. as their CEO. If that happens, we will have actually turned a corner away from a crazy economic world where public responsibility is defined as profit maximization, corporations are referred to as people, and money alone is the measure of wealth.

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